It’s happened again – commentators, bookies and the markets were wrong over the outcome of an election, in this case the US one where Donald Trump won. The consequences of his victory will be fundamental for markets, the global economy and geopolitics for years to come. The likelihood of this victory is a stronger USD (although that might not be tolerated for long by the new administration), and if some of his promises on trade protectionism are watered down it could even do some good for emerging market currencies, after all many commodities rallied and developing countries tend to produce them. Also, Trump could be ... (full story)